Waaree Energies shares: FIIs turn bullish, solar stock up 66% from 52-week low; what lies ahead?

Shares of solar panel maker Waaree Energies Ltd have gained 66% from their 52-week low this year. Waaree Energies stock hit a 52-week low of Rs 1808.65 on April 7, 2025. Foreign Institutional Investors (FIIs) doubled their stake in the solaor energy stock in the September 202 quarter. FIIs held 6.35% stake or 1.82 crore shares in the last quarter against 2.68% stake or 77.02 lakh shares in the June 2025 quarter. 

In the current session, Waaree Energies stock was trading on a flat note at Rs 3100 against the previous close of Rs 3095. The market cap of the firm stood fell to Rs 89,180 crore .

Total 0.14 lakh shares of the firm changed hands amounting to a turnover of Rs 4.25 crore on BSE.

Emkay Global has a buy call on the renewable energy stock with a price target of Rs 4,260. The brokerage valued the core PV business at 14 times Mar-28E EV/EBITDA. 

"India’s solar manufacturing development has been supported by favorable regulations like ALMM, BCD, and DCR and, despite the module overcapacity now, integration of cell and wafer-ingots as well as the upcoming ALMMs on them should support first movers like Waaree, driving their competitiveness," said Emkay. 

Brokerage Motilal Oswal has a base price target of Rs 4,000 per share. However, its bull case price target is Rs 5,895

In a note, the brokerage remarked that Waaree Energies commands a significant position in the market with a 5.4 GW cell and 16.1 GW module capacity, in addition to a 2.6 GW plant in the United States.

Waaree Energies is an Indian manufacturer of solar PV modules with an aggregate installed capacity of 12 GW. Its product portfolio includes solar energy products consisting of the PV modules such as multicrystalline modules; Monocrystalline modules; and TopCon modules.